Khalda Petroleum Company (Apache), operating in the Khalabsha Development Area in the Western Desert, has announced a new oil discovery in the West veops-1 region, according to a statement released by the Ministry of Petroleum and Mineral Resource.

 The well was tested by drilling 270 feet into the Paleozoic sands, with a production rate of 7,165 barrels of oil per day of 44-degree quality and 23 million cubic feet of associated gas.

The electric logs of the well confirmed the presence of petroleum shows in the Paleozoic formation with a net pay thickness of 462 feet.

Recently in August, the ministry announced that the Egyptian Natural Gas Holding Company (EGAS) has launched a new global bidding for the year 2024 to search for natural gas and crude oil in 12 sectors in the Mediterranean Sea and the Nile Delta, including 10 marine sectors and two land sectors.

This bid comes within the framework of the efforts of the Ministry of Petroleum and Mineral Resources to attract new investments to Egypt, in accordance with its strategy aimed at exploiting promising opportunities in the field of searching for gas and oil.

In August, Minister of Petroleum and Mineral Resources, Karim Badawi, announced a new incentive package to encourage increased production of crude oil and natural gas.